Why did bitcoin drop below $61,000 today?

A combination of forced selling and risk reduction hit markets. Over $2 billion in crypto liquidations closed leveraged longs as prices fell. At the same time, spot bitcoin ETF flows turned net negative, adding supply. Broader risk-off trading in tech also pressured sentiment, creating a feedback loop that pushed price briefly under $61,000.

What BTC support levels are most important now?

Traders are watching the 60,000–65,000 area for demand, given prior consolidation and round-number interest. A daily close back above 70,000 would help stabilize tone. For confirmation of strength, look for higher lows on hourly charts, rising spot volumes on rallies, and ETF flows shifting from outflows to steady inflows.

How should Canadian investors approach bitcoin price today moves?

Use limit orders, track spreads, and consider CAD-USD effects. If you trade listed funds like BTCC, compare market price to NAV and avoid crossing wide spreads. Keep position sizes small, place stops, and scale into entries. Treat crypto as a high-volatility sleeve within a diversified portfolio rather than a core holding.

Do ETF outflows always mean price will keep falling?

Not always. Persistent outflows can add pressure, but prices can still stabilize if spot buyers step in, funding rates normalize, and sellers exhaust. A single day of inflows is helpful, yet multiple sessions of steady demand and improving breadth provide a stronger signal. Monitor volume and intraday market structure for confirmation.

Global Market Insights

BTCUSD Today, February 6: Sub-$61K Plunge on $2B Liquidations, ETF Selling

ByHuzaifa Zahoor February 6, 2026February 6, 2026

The bitcoin price today is under pressure after a sharp, fast drop that briefly took markets below $61,000. As BTCUSD sank, more than $2 billion in crypto liquidations hit leveraged traders, while U.S. spot bitcoin ETF flows turned net negative and added selling. For Canadian investors, this move rippled into local crypto funds and risk assets. We outline what drove the slide, the BTC support levels to watch, and how to position with clear risk controls while liquidity and spreads shift during high volatility.